JPMorgan Wins Comprehensive Custodial Mandate With One Of New Zealand’s Largest Organisations

JPMorgan Wins Comprehensive Custodial Mandate With One Of New Zealand’s Largest Organisations

Sydney.- JPMorgan announced today it has been selected by Accident Compensation Corporation of New Zealand (ACC) to provide comprehensive custodial and administration services to support ACC’s Australian portfolio, representative of NZ$1 billion in assets. The new deal is evidence of JPMorgan’s ever increasing relevance and expansion in the New Zealand market.

Accident Compensation Corporation of New Zealand confirmed that JPMorgan Investor Services was appointed as it offered the most comprehensive solution set available for ACC’s Australian Custody requirements. JPMorgan will provide a number of efficiencies to ACC operations, including real time reporting services via JPMorgan Access, a proprietary online custody and investment administration reporting tool.

Jane Perry, Chief Executive Officer, JPMorgan Worldwide Securities Services Australia & New Zealand said, “We are committed to being the preferred service provider to the Australian and New Zealand marketplace, offering full service investment administration solutions. This deal represents not only an innovative offering to the New Zealand market, but a new relationship with a pioneering New Zealand entity.”

ACC is a Crown Entity set up by the New Zealand Government in order to administer New Zealand’s accident compensation scheme. It is one of New Zealand’s largest organisations, employing around 2,700 staff across 48 locations. ACC processes 1.8 million injury claims each year.

ACC Investment Operations Manager Fenella Gray said, “ACC has very specific business requirements, and we operate in fairly unique circumstances. JPMorgan has demonstrated a commitment to understanding the environment we work in and as a result has provided appropriate and high quality service.”

ACC was assisted in its review of custody service providers by Thomas Murray Ltd’s Melbourne office.